Feb 20, 2013 4:30am EST
in automatic federal spending cuts will take effect if a deal is not reached. >> president obama is warning congress that it must not happen. recess if the cuts occur, the full range of government will feel the cuts. >> these cuts are not smart not there, they will honor its our economy, and hundreds of thousands of americans to the unemployment roll. palooza their jobs. the-- people will lose their jobs. >> he felt initially that it would pressure congress, but now he says it's not an option. >> residents will get the chance to hear more about montgomery county's challenges, accomplishments, and future plans this evening when county executive gives his state of the congcounty address. >> that will be broadcast live on county's cable channel as well as on their web site. 4:50. jacqui says we need to have warm clothing today. >> bundle up. wind out of the northwest at 13 miles an hour. that will pickup to 25 miles an hour. it will be bitter cold today. like sunday. gaithersburg is 18 degrees and it feels like 16 in hagerstown. 26 in winchester. we are concerned with the temperature near free
Feb 20, 2013 7:00am EST
, president obama issues a warning. coming up with a solution or entire nation will face serious consequences. sarah simmons joins us live. >> inching closer to the march 1st deadline. if congress cannot strike a deal, $85 billion in spending cuts will take affect. law makers are embattled in a blame game. republicans are quick to claim the sequester was the president's idea and one mr. obama adamantly defended. the president is pointing fingers at republicans saying it is up to them to avoid a budget pitfall. experts say at this point the blame game needs to end and a solution needs to be made. >> this is ridiculous. $85 billion and a $3.6 trillion government. 5% domestic spending. 7% defense spending. the world will not end. >> it will jeopardize military readiness. creating investments and education and medical research. >> experts say the sequester only represents a small fraction of federal spending and the debt will continue to grow every year whether a deal is reached or not. if there is a silver lining, both democrats and republicans agree the economy would take a hit if federal spend
Feb 20, 2013 6:00am EST
at 400 and above, they're part of the economy. they're getting whacked with the obama care and the deal that was arrived at. all of these things -- >> austerity is ugly. getting there. >> so is oil -- oil's not supposed to go up when the economy's slowing. >> you have the central banks that are printing money. >> you do. >> it's got to go up. >> think about what would happen if they weren't. and in -- all bets off on what happens with the ten year now, too. if we're in a slowing environment. gold suddenliy -- we're immediately going back to 2.75 or 3%. and the dollar's been something to behold in terms of the yen. you don't see that often. and especially when it's telegraphed by --not the guy with the hair, the guy named after lincoln, right? abe. >> abe? >> is it abe? >> or abe. >> i know it. lincoln is hot. >> abe to me. >> lincoln is hot. >> you think it's going to win? >> there's a movie every day. there's that and the o'reillys killing lincoln and "lincoln: the vampire hunter." >> i read the book. >> but? >> i did. >> you had that much time? >> i office a plane. i tried on a plane.
Feb 20, 2013 7:00am PST
from kansas city, missouri. thank you. >>> president obama warning of severe economic consequences if automatic federal government spending cut the take effect next week -- cuts take effect next week. as kyla campbell reports, next friday we could see the economy take a downturn. >> reporter: dave, congress is on break until monday. when they return to capitol hill, they will have just four days to reach a deal. meanwhile, federal civilian workers, including those in california, are learning more about possible furloughs today. the pentagon just announced a news conference at 10:00 a.m. pacific to lay out how these automatic spending cuts will affect our spending. there are about 170 federal civilian workers in california. most of them would be furloughed for up to 22 days. that's equivalent to a 20% pay cut over a six-month period. now, those furloughs would not kick in until april, even if sequestration takes effect next friday. businesses that work for the federal government would also cut back. >> that waiting and failing to spend now is what could lead to unemployment now and